Common use of Conditions Precedent to First Disbursement Clause in Contracts

Conditions Precedent to First Disbursement. Neither Agent nor any Lender shall be obligated to make any Advances or disburse any Loan proceeds hereunder, including the first disbursement of Loan proceeds, until (a) Borrower shall have contributed the full amount of the Required Equity and the full amount of the Required Equity shall have been fully disbursed to fund Project costs set forth in the Budget and approved by Agent, all as more particularly set forth in Section 2B.15 hereof, (b) Borrower and Guarantor shall have established the Interest Rate Protection Facility pursuant to the Forward Treasury Lock Agreement and (c) all the other conditions of this Agreement, including without limitation, this Article VI have been satisfied at or before the Initial Closing.